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Privatisation Commission (PC) is said to be on war path with Pakistan Steel Mills (PSM) management as the latter has failed to produce the desired outcome in response to a Rs 18.5 billion bailout package and is seeking another package of Rs 8.13 billion, sources close to Chairman PC told Business Recorder.

The Supreme Court on Wednesday evening issued directives to Election Commission of Pakistan (ECP) to submit a revised schedule for holding local bodies (LB) polls in Khyber Pakhtunkhwa (KPK), Punjab, Sindh and Cantonment Boards of the country by Thursday (today). A three-member bench of Justice Jawwad S Khawaja resumed the hearing of a case regarding LB polls in the three provinces, Cantonment Boards and Islamabad Capital Territory (ICT).
Asia-focused Standard Chartered bank said Wednesday net profit fell 37 percent in 2014, the second consecutive year of decline, almost a week after announcing two of its top bosses would leave in a reshuffle aimed at transforming its fortunes. The troubled British lender said net profit came in at $2.51 billion for the year, down from $3.99 billion in 2013 and described the result as "disappointing".
The rupee improved with modest gains against the dollar on the local currency market on Wednesday, dealers said. The rupee rose by four-paisa in terms of the dollar for buying and selling at Rs 101.88 and Rs 101.90 respectively, they said.
Senate''s Standing Committee on Finance has approved proposed amendment in the Privatization Commission Ordinance, 2000 to ensure post-audit of every Privatization transaction completed in the preceding financial year. The amendments proposed by Senator Sughra Imam have been recommended by the sub-committee after detailed deliberations to the main committee presided over by Senator Nasreen Jalil.
Finally, the Oil and Gas Regulatory Authority (Ogra) is going to issue the much-delayed Final Revenue Requirements (FRR) to the Sui Northern Gas Pipelines Limited (SNGPL). Belated by 'lack of quorum' at Ogra, the much-awaited FRR can be issued anytime this month, officials at SNGPL told Business Recorder on Wednesday.
The melting industry seeking an increase in the regulatory duty on steel items including steel billets, steel bars and M.S. Products from 15 percent to 40 percent in view of a downward trend in steel prices in the world market. Industry sources confirmed that melting industry representatives have met the top officials of Federal Board of Revenue (FBR) and submitted a proposal to increase the RD on steel items from 15 percent to 40 percent.


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln